this all started on day one of the administration when he ended america s energy independence. we re paying the price for that right now. sandra: jacque heinrich is live on the north lawn this morning to kick things off. hello. good morning. the direction these prices are headed combined with the fact that the strategic reserve sales are coming to an end later this month plus that warning sign from opec that they ll likely be cutting production next week is enough to give any one a fright. today s average for a gallon of regular $3.81 up from $3.75 a week ago. it is still down from the highest averages we hit in june at 5.02 but in the states where democrats are in tight mid-term races like arizona, georgia, nevada, pennsylvania and wisconsin the numbers aren t working in the president s favor and it has been giving fodder to republicans who said biden s trip to saudi arabia to encourage opec to ramp up
maybe the fed can get the economy under control. to us, this seems like driving at 75 miles per hour but not knowing which way the road will turn. an accident seems inevitable. p pamela, let s hope not. not knowing which way the road will turn. as we know, uncertainty is what drives anxiety. you re seeing that play out on wall street. gas prices of ticking up ever so slightly after 98 days of falling prices. what s going on? help us understand this. the national average is ticking up $3.69. that is well below the peak at $5.02. oil prices plunging 5% today. the good news is that should drive down oil prices. the bad news is oil prices are down because of those same
of three to 3.25% the highest level since 2008. officials are embracing for that took over 4%. in the meanwhile senator elizabeth warren accusing power of killing jobs saying i ve been warning chairman powell s fed with throw millions of americans out of work and i fear he is already on the path to doing so. and while interest rates are going up, so our gas prices pure them out for domestic national average $3.68 a gallon after steadily falling for nearly 100 days per the lase when they hit a record high of $5.02 per gallon. the bad news continues, the heating bills expected to hit a 10-year high this winter. the national energy assistance directors association anticipate bills will increase by 17%, todd appearance bill were not good. one place we don t need heat is florida.
morning. thank you. well, president biden sharpening his attacks on republicans, accusing some in the gop of hypocrisy when it comes to supporting the police. we ll discuss ahead. and we re also moments away from the opening bell on wall street. futures up slightly this morning after a third straight day of losses. investors still focused on fed chair jerome powell s remarks on friday. oil prices also falling pretty sharply yesterday, down 5%. the national average for gas dipped to $3.84 a gallon, according to aaa. that s down five cents from a week ago, sharply lower than that record $5.02 set in mid-june. well would you look at that? jerry, you ve got to see this. seen it.
the national average at 3.96, not cheap. that is certainly down from a month ago. 5.02 is the record set in mid june. we re down from there. also consumer sentiment, it is still low, but it is starting to pick up, and the stock market for whatever that s worth, the longest weekly winning streak since last year. if you put all of this together, it doesn t mean the economy is in good shape, right, it s not. there are still risks out there, but it does suggest that the idea that the recession has already begun is premature. not to be debbie downer, but what are the bad signs that you re seeing in the economy. you have to start with gdp. the block buster china like growth last year, 6, 7%. this year, we ve had no growth, back-to-back quarters of negative gdp, and every time that has happened since 1948, you have had a recession. now that alone is not enough to declare a recession has actually happened. but there are some concerning signs, layoffs are starting to